The securitisation regulation risk retention framework: a zero sum game?
RESUME: On 31 July 2018, following public consultation, the European Banking Authority published its EBA Final Draft Regulatory Technical Standards (the “RTS”) specifying the requirements for originators, sponsors and original lenders relating to risk retention pursuant to Article 6(7) of Regulation (EU) 2017/2402 (the “Securitisation Regulation”). The RTS contain the draft Commission Delegated Regulation (supplementing the Securitisation Regulation and partially repealing Commission Delegated Regulation (EU) No 625/2014) which, once approved by the relevant European bodies, enters into force twenty days after its publication in the Official Journal of the European Union.
As the Securitisation Regulation has left market participants guessing how in practice to implement the risk retention criteria it imposes; the RTS now intend to clarify how a material net economic interest in a securitisation needs to be retained.
After his last article “THE NEW SECURITISATION REGULATION: EINSTEIN’S PARADIGM?” relating to the analysis of the STS framework, David VAN GAEVER explains by whom and how risk in a securitisation position needs to be retained and what the impact thereof is on Luxembourg securitisation structures.
Laisser un commentaire
Vous devez être connecté pour ajouter un commentaire.
Ajouter un favoris
Vous devez être membre pour ajouter un contenu à vos favoris.
Déjà membre ? Connectez-vous :
Pas encore inscrit ?Créez votre compte